Published On: Fri, Mar 31st, 2017

CBN Announces Twice Weekly Forex Sale To Bureaux De Change

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By Sadiq Umar – The Central Bank of Nigeria (CBN) Friday announced a new sale amount to Bureaux De Change, saying it would commence twice weekly forex sales from Monday April 3, 2017.

The amount to BDCs has now been increased to $10,000 weekly at $5,000 per bid.

In a statement by acting Director, Corporate Communications, Isaac Okorafor, the apex bank urged licensed BDC operators to fund their accounts with the CBN on Mondays and Wednesdays, while they receive their purchases on Tuesdays and Thursdays respectively.

“In continuation of its determination to sustain liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) wishes to inform market participants and the general public that it will commence twice weekly forex sales to Bureaux de Change(BDCs) from Monday, April 3, 2017,” the statement said.

“Licensed BDC operators are therefore required to fund their accounts with the CBN on    Mondays and Wednesdays, while they receive their purchases on Tuesdays and Thursdays respectively.

“The sale amount to BDCs is hereby increased to $10,000 weekly ($5,000 per bid) and a new   rate will be announced on Monday, April 3, 2017,” it added.

 

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